FPB Financial Corp. Announces 2003 Third Quarter Earnings.Business Editors HAMMOND Hammond. 1 City (1990 pop. 84,236), Lake co., extreme NW Ind., bounded by Lake Michigan, the Ill. state line, and the Little Calumet River, and traversed by the Grand Calumet River; settled 1851, inc. 1884. , La.--(BUSINESS WIRE)--Oct. 16, 2003 Fritz fritz n. Informal A condition in which something does not work properly: Our television is on the fritz. [Perhaps from German Fritz W. Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic II, President and Chief Executive Officer of FPB FPB Forum of Private Business (UK) FPB Forest Practices Board FPB Fritz's Polka Band FPB Fast Patrol Boat FPB Flexor Pollicis Brevis FPB Fédération Pétrolière Belge (Belgium) FPB Farmland Protection Board Financial Corp. (Pink Sheets: FPBF), the holding company for Florida Parishes The Florida Parishes are those parishes in Louisiana which were part of West Florida in the early 19th century. Unlike much of the state of Louisiana, this region was not part of the Louisiana Purchase, as it remained under Spanish control. Bank, announced earnings for the quarter ended September September: see month. 30, 2003. FPB Financial Corp. reported third quarter net income of $110,000 ($.41 per common share) down 9.09% from $121,000 ($.41 per common share) in the comparable 2002 third quarter. Net income for the nine months ended September 30, 2003 was $395,000, ($1.39 per common share) up 8.52% from $364,000 ($1.25 per common share) for the 2002 comparable period. The reduction in net earnings for the 2003 third quarter was primarily due to the Company issuing $3,000,000 of Preferred Statutory Trust securities on June June: see month. 26, 2003. These securities increased interest expense by $42,000 for the quarter. It is expected that the interest expense on these securities will continue to adversely effect earnings through June 30, 2004. Despite lower third quarter earnings, earnings per share were unchanged over the comparable third quarter of 2003 and 2002, due to the Company purchasing 43,850 shares of Treasury Stock at an average price of $21.38 per share, which reduced the average number of shares outstanding. Earnings per share for the nine months ended September 30, 2003, increased to $1.39 per share, a 11.2% increase over the 2002, nine month period. Dividends paid per share were $0.100 for the quarter ended September 30, 2003 and $0.075 for the September 30, 2002 period. Return on average stockholders equity was 6.03% for the quarter ended September 30, 2003, compared to 6.63% for the quarter ended September 30, 2002, and 7.07% for nine months ended September 30, 2003 compared to 6.75% for nine months ended September 30, 2002. The Company's balance sheet demonstrated solid growth, with net loans up 19.7% to $74.0 million, deposits up .44% to $56.3 million and total assets up 9.7% to $86.4 million compared to September 30, 2002. Book value per share increased to $24.84 for the period. FPB Financial Corp. is headquartered in Hammond, LA, and is the parent company of Florida Parishes Bank.
FPB Financial Corp.
Selected Balances at Sept. 30: 2003 2002
------------------------------ ---------- -----------
Cash and Cash Equivalents 1,892,439 8,183,365
Investment Securities 6,950,591 6,902,342
Net Loans 74,024,686 61,841,833
Total Assets 86,390,378 78,752,030
Non-Interest Bearing Deposits 5,108,861 3,942,207
Interest Bearing Deposits 51,235,425 52,156,091
Transaction Accounts (Included in interest
and non-interest bearing deposits) 28,974,017 24,300,757
Brokered Deposits (Included in interest-
bearing deposits) 1,000,000 1,000,127
FHLB Advances 19,550,000 14,700,000
Preferred Statutory Trust 3,000,000 0
Stockholders' Equity 6,883,616 7,355,087
Non-Performing Assets 220,823 224,553
Loan Loss Reserve 246,649 188,568
Book Value per Share 24.84 22.97
For the Nine Months Ended Sept. 30: 2003 2002
----------------------------------- --------- ---------
Net Earnings $395,396 $363,694
Earnings Per Share $1.39 $1.25
Return on Average Assets 0.64% 0.65%
Return on Average Equity 7.07% 6.75%
Net Charge-Off Loans to Average Loans 0.000% 0.004%
Average Shares Outstanding 282,823 289,933
Dividend Paid per Share $0.250 $0.225
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
For the Three Months For the Nine Months
Ended Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2003 2002 2003 2002
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage loans and
fees $969,318 $984,346 $2,904,880 $2,957,260
Loans on deposits 13,339 18,954 42,788 58,330
Consumer Loans 51,680 43,521 153,403 140,531
Commercial Loans 21,481 19,773 65,479 56,226
Lines of credit and
fees 25,171 8,623 64,804 10,680
FHLB stock and other
Investment securities 31,014 38,195 90,437 105,147
Mortgage-backed
securities 7,194 13,052 26,368 45,520
Demand deposits 8,412 33,663 35,391 81,606
----------- ----------- ----------- -----------
TOTAL INTEREST INCOME 1,127,609 1,160,127 3,383,550 3,455,300
INTEREST EXPENSE:
Deposits 291,951 437,604 991,400 1,360,498
Federal Home Loan
Bank Advances 222,804 180,830 624,848 499,633
Preferred Statutory
Trust 41,690 0 41,690 0
----------- ----------- ----------- -----------
TOTAL INTEREST EXPENSE 556,445 618,434 1,657,938 1,860,131
----------- ----------- ----------- -----------
NET INTEREST INCOME 571,164 541,693 1,725,612 1,595,169
Provisions for loan
losses 15,000 15,000 45,000 45,000
----------- ----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 556,164 526,693 1,680,612 1,550,169
Gain on sale on
investments 0 0 0 1,710
Insurance commissions 1,945 4,739 7,158 12,361
Service charge on
deposits 14,045 11,898 43,883 33,715
Other 70,850 53,917 224,344 143,934
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
INCOME 86,840 70,554 275,385 191,720
NON-INTEREST EXPENSE
Compensation and
Employee Benefits 266,603 234,782 791,637 668,168
Occupancy and
Equipment 23,421 20,791 66,373 57,784
Data Processing 43,355 42,241 116,901 117,704
Professional Fees 11,924 11,080 33,925 37,661
Advertising 14,332 8,700 38,597 30,548
Federal Insurance
Expense 2,178 2,319 6,693 6,869
Stationary, Printing,
& Supplies 12,672 7,530 31,898 27,591
Other 98,739 83,489 260,326 235,045
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
EXPENSE 473,224 410,932 1,346,350 1,181,370
----------- ----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 169,180 186,315 609,647 560,519
Income Tax Expense 59,986 65,375 214,251 196,826
----------- ----------- ----------- -----------
NET INCOME $109,794 $120,940 $395,396 $363,694
=========== =========== =========== ===========
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
Sept. 30 Sept. 30
ASSETS: 2003 2002
------- ------------- -------------
Cash and Cash Equivalents 1,892,439 8,183,365
Investment Securities 6,950,591 6,902,342
Net Loans 74,024,686 61,841,833
Premises and Equipment, Net 3,037,884 1,459,551
Other Assets 484,778 364,939
TOTAL ASSETS $86,390,378 $78,752,030
============= =============
LIABILITIES:
------------
Deposits 56,344,286 56,098,298
Federal Home Loan Bank Advances 19,550,000 14,700,000
Other Liabilities 612,476 598,645
------------- -------------
Shares subject to mandatory redemption 3,000,000 0
TOTAL LIABILITIES $79,506,762 $71,396,943
------------- -------------
STOCKHOLDERS'S EQUITY:
----------------------
Common Stock $3,362 $3,314
Capital Surplus 3,065,960 2,997,059
Retained Earnings 5,188,985 4,762,492
Unearned Compensation (258,352) (303,819)
Treasury Stock (1,185,521) (132,421)
Accumulated Other Comprehensive Income 69,182 28,462
------------- -------------
Total Stockholders' Equity 6,883,616 7,355,087
------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $86,390,378 $78,752,030
============= =============
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